Dogecoin (DOGE) is 1176735.2× the size of Cow (COW) by market capitalisation. Their daily returns move loosely together (correlation 0.39 across 167 shared trading days). COW has been the more volatile of the two, at 120% annualised against DOGE's 70%.
COWDOGE
0.39over 167 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | COW | DOGE |
|---|---|---|
| Max drawdown (400d) | -76.1% | -74.0% |
| Risk-adjusted return (90d) | 0.03 | 0.17 |
| Best 30 days (past year) | — | +34.3% |
| Worst 30 days (past year) | — | -41.2% |
Relative strength over 90 days: COW outperformed DOGE by 47.2% — measured on the COW/DOGE ratio, so it holds regardless of market direction.